North africa news

Cairo – Mubasher: The chairman of the Suez Canal Authority (SCA) and the Suez Canal Economic Zone (SCZone) Mohab Mamish said that the SCZone's tunnels will be completed in June 2018, in coordination with the Armed Forces Engineering Authority. …

Cairo – Mubahser: The Central Bank of Egypt (CBE) said that total fixed yield deposits amounted to EGP 10 billion on Tuesday, with a return of 19.25%. Offers presented by 17 banks amounted to EGP 40.4 billion were accepted at an allocation rate of …

Cairo – Mubasher: The Egyptian Exchange (EGX) closed Tuesday up on the back of Egyptian and Arab investors’ buying. The benchmark EGX30 index added 0.22% or 29.71 points to the level of 13,704.13 points. The EGX70 index inched up 0.22% to 772.44 …

Riyadh - Mubasher: Prince Alwaleed bin Talal has been ranked number one in Middle East Magazine’s 2017 list of the World’s 50 Most Influential Arabs, for the ninth consecutive year. The chairman of Kingdom Holding Company (KHC) and Alwaleed …

Cairo – Mubasher: Egypt’s minister of trade and industry Tarek Kabil on Tuesday said that the period of applying the anti-dumping duty on Chinese, Turkish, and Ukrainian rebar imports has been extended for two months to end in December. …

Cairo – Mubasher: Spinneys Egypt will invest up to EGP 250 million as a part of its four-year expansion plans, which started in 2015, CEO Mohanad Adly told Almal newspaper. The supermarket chain is looking to pump total investment worth EGP 500 …

Cairo – Mubasher: The Egyptian General Petroleum Corporation (EGPC) is preparing for a new tender for crude oil exploration at its concession areas before the end of 2017, CEO of the EGPC Abed Ezz El-Regal told Youm7. This auction will be launched …

Cairo – Mubasher: OPPO Electronics Corp is in talks with the Egyptian government over establishing a smartphones factory in Egypt, brand director for OPPO MENA Andy Shi told Shorouk News. These negotiations may succeed depending on the investment …

Cairo – Mubasher: The modified financial indicators of Egyptian Iron and Steel (HADISOLB) on Tuesday showed a 21.9% year-on-year rise in losses for fiscal year 2016/2017. The firm’s losses reached EGP 750.26 million in the fiscal year ended June …

Cairo – Mubasher: The Egyptian Financial Supervisory Authority (EFSA) has decided to suspend six clients from trading on the Egyptian Exchange (EGX) for manipulating securities and not conforming with the capital market law and its executive …

Mubasher: The price of Kuwait’s crude oil increased by 56 cents to reach $54.06 per barrel (pb) on Monday compared to $53.50 pb on Friday, according to the latest data issued by the Kuwait Petroleum Corporation (KPC). The price of Brent crude oil …

Cairo – Mubasher: The Egyptian Tax Authority is studying the imposition of E-commerce taxation for the first time through seizing the firms’ operation incomes that exceed billions. Applying value-added tax (VAT) on these activities will bolster …

Mubasher: US president Donald Trump is set to reveal new details of his tax reform plan on Wednesday, according to the White House. The White House press secretary Sarah Huckabee Sanders said in a press conference on Monday that Trump will give a …

Mubasher: Gold prices have risen by the end of Monday trade, increasing by around $14 and exceeding the level of $1,300, as more geopolitical risks are rising with North Korea threatening to target American Aircrafts. Gold futures went up by 1.1%, …

Mubasher: An expected slowdown in the pace of earnings growth has moved the 2018 outlook on the global integrated oil and gas industry to stable from positive, Moody's Investors Service said in a report published Monday. The slowdown follows a …

Cairo - Mubasher: Capital Intelligence Ratings (CI) has affirmed the National Bank of Egypt's (NBE) long- and short-term foreign currency ratings (FCRs) at 'B', with a 'Stable' Outlook, according to a report issued on Monday. The ratings agency …

Dubai – Mubasher: AccorHotels announced on Monday that it has inaugurated 12 hotels so far this year, according to press release. The company’s hotels portfolio in MENA region has now surpassed more than 100 hotels. As per the statement, the new …

Cairo - Mubasher: The initial public offering (IPO) of Egypt’s Engineering for the Petroleum and Process Industries Company (Enppi) is expected to be carried out during the first quarter of 2018, according to the Egyptian investment minister. The …

Mubasher: BP announced on Monday that it has begun production at the Khazzan gas field in Oman, according to a company statement. The Omani oil and gas minister said that BP has successfully delivered the first phase of the project on time, adding …

Cairo – Mubasher: The Ministry of Finance (MOF) on Monday posted that yield on five-year treasury bills (T-bills) declined 7%, compared to the last issuance. The average yield of the five-year notes reached 15% from 16.15% and were oversubscribed …

Mubasher: Brent crude oil expanded its gains during Monday trade, reaching its highest level in more than two years, with investors showing a positive sentiment regarding the output limitation agreement. Brent futures rose by 1.4% to the level of …